Businesses are required to be transparent about their financial dealings. The law mandates that they maintain a clear record of their earnings and their expenditures. Their budgets are scrutinised at the first hint of foul play.
Can the same be expected of the politicians who govern the system? And can the same be applied to the highest point of authority, the President of the United States?
Tennessee Thinks So
Lawmakers in the southern state are pushing for a bill that will require any candidate running for office to disclose their financial report. The credit score too must be declared as part of the report. This shift transpired at the urging of local constituents who have been demanding more information, more transparency regarding the candidates they vote for.
State Rep Cameron Sexton stated, “Before an election, candidates constantly say how they are going to balance the budget and make sure government lives within its means. How do voters verify whether the candidate means what they say? The only accurate answer is to know the person’s credit score.”
What Will Be Declared
Declaring financial assets may sound simple enough, but there are various factors that need to be considered:
- Income
- Assets
- Any loan liabilities
- Charitable donations
- Gifts
- Travel expenses
The new bill that is being pursued by lawmakers focus on the credit scores of the candidates. There is, however, a bit of leeway afforded. Those running for the seats in the government do not have to reveal their exact credit score. Five score brackets will be provided, and the candidate need only select which bracket their score falls under.
The brackets are:
(1) 0
(2) 700 and above
(3) 699 to 650
(4) 649 to 550
(5) 549 to 1
The new bill is set to throw the spotlight on credit scores.
Charity Begins At Home
The underlying meaning is that a candidate who cannot manage his or her finances probably does not stand a chance of managing government spending. Think about it, would you vote for someone whose personal credit score is in the negative? What implications could this have for Americans who are struggling toward success because of negative credit history?
If the new bill does pass, it could spark a silent political change.
Are you ready to spark a change in your Credit Repair Business?
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*For more in depth information, click here to read the article written by Jeanine Skowronski of credit.com
